   Chapter 18.II, Problem 14RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Calculate the property tax rate required to meet the budgetary demands of the following communities. Note: When calculating budgetary demands, always round up. Property Tax Rate Community Total Assessed Property Valuation Total Taxes Required Percent Per $100 Per$1,000 Mills Morningside $657,000,000$32,300,000 _____ _____ _____ _____

To determine

To calculate: The property tax rate percent, per $100, per$1000, and in mills if the community Morningside has a total assessed value of property $657,000,000 and total taxes required are$32,300,000.

Explanation

Given Information:

Total assessed value of property is $657,000,000 and total taxes required are$32,300,000.

Formula used:

Property tax rate per dollar can by computed by dividing the total taxes required by the total assessed property value,

total tax requiredtoal assessed value of property =  tax rate per dollar

To convert tax rate per dollar to percent, Move the decimal point two places to the right and add a percent sign.

To convert tax rate per dollar to tax rate per $100, multiply the tax rate per dollar by 100. To convert tax rate per dollar to tax rate per$1,000, multiply the tax rate per dollar by 1000.

To convert tax rate per dollar to mills, divide tax rate per dollar by .001.

Calculation:

Consider the provided data,

Total assessed value of property is $657,000,000 and total taxes required are$32,300,000.

As,  total tax requiredtoal assessed value of property =  tax rate per dollar

Now, divide the total tax required by total assessed property value to calculate the tax rate per dollar,

tax rate per dollar = 32300000657000000=0

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